FTA between Pakistan and Sri-Lanka under-utilized: Dr. Ikhtiar Baig

Business News General Business News

Karachi, January 10, 2019 (PPI-OT): The Consul General of Sri Lanka H.E G.L Gnanatheva visited FPCCI to meet Dr. Mirza Ikhtiar Baig, Senior Vice President, FPCCI to discuss bilateral trade, investment and potential of Free Trade Agreement (FTA) between Pakistan and Sri-Lanka

Dr. Baig expressed his concern that inspite of Free Trade Agreement between both countries for the last 13 years, the trade between two countries is only $ 373 million out of which exports from Pakistan to Sri Lanka are $270 million and imports from Sri Lanka to Pakistan are $ 103, whereas in 2011 the trade volume was $ 512 million with exports of $ 442 million and imports was $ 70 million which shows a decline in trade volume between the two countries

He further added that there exist a great potential of the exports of Rice from Pakistan but due to imposing quota restriction from Sri Lanka to exports rice only upto 6000 tons per annum. Pakistan exporters could not encash the true potential. Dr. Baig requested Consul General to enhance duty free quota of rice to 25000 tons per annum.

The Sri Lankan Consul General desired to increase the exports of Sri Lankan Tea to Pakistan. Sri Lankan side will be organizing a seminar in February 2019 to be attended by the High Commissioner of Sri Lanka and senior officials of Sri Lankan Tea Board to inform exporters for the optimum utilization of FTA between Sri Lanka and Pakistan. Dr. Baig said that Sri Lanka is the only country with whom Pakistan has favourable trade surplus. The meeting was also attend by the Vice Presidents, FPCCI Ismail Suttar ,Muslim Mohamedi, Waqar Mehmood Khan, Jamal Khan Achakzai, Kamal A. Mehmoodi and others.

For more information, contact:
Head Office,
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
Federation House, Main Clifton, Karachi, Pakistan
Tel: +92-21-35873691-94
Fax: +92-21-35874332
Email: info@fpcci.org.pk
Website: http://fpcci.org.pk/